The non-fungible token (NFT) profits on sales increased to $12,214,588 in the last 30 days. 

According to CryptoSlam, while the profits from NFT sales are rising, the volume has declined. Over the past 30 days, the volume has decreased by 36.36%, totaling $1.151 billion.

NFT profit and volume change. Source: CryptoSlam

Meanwhile, the so-called wash trading volume fell 7.44% over the month. This term usually refers to the actions of sellers who make many transactions with NFT to increase their value. 

Washing NFT collections

It is worth noting that wash trading transactions surged significantly by 37.54% during the week, contributing to a total growth of 44.77%, as indicated by CryptoSlam data. This suggests that the main trading activity comprises transactions initiated by sellers rather than buyers.

Some NFT collections show atypical growth in trading volume for the week.

For example, in the 9th position, $CATS BRC-20 NFTs exhibit atypical growth, with sales soaring by 4060.97%. Moreover, its transactions increased by 300.00%, and buyers showed a remarkable 254% uptick over the past 7 days.

An interesting point is that the number of buyers and sellers stands at 39 each.

In 17th place by volume is the unised_1 collection. The sales of these NFTs increased by 537676.81%, and the transactions by 365500.00%. The number of buyers increased by 149250.00%. This all seems promising, but the numbers evidently won’t be sustainable.

Ranking of NFT collections by volume over the last 7 days. Source: CryptoSlam

Non-Wash or Wash? NFT Trading Raises Questions

Dune data shows that the X2Y2 marketplace leads in wash trading, accounting for 56.45% of transactions, indicating that over half involve speculation between sellers. In second position is the Blur platform, with 25% wash trading.

It’s worth noting that Blur is the largest marketplace in terms of volume.

Once a leader among NFT platforms, OpenSea demonstrates one of the best results with only 0.62% of wash volume.

NFT marketplaces and wash volume. Source: Dune 

As the Dune data shows, marketplaces recorded the highest volume of NFT wash trading on Jan. 24, 2022. At that point, it rose to 74.1%, while non-wash accounted for 25.9%. 

On Jan. 15, 2024, wash trading volume stood at 13.6%. It’s too early to tell if the manipulation of transactions by sellers has returned or if the NFT market is genuinely recovering. However, the activity with some collections seems unusual for the current state of the market. 

The ratio of wash and non-wash trading volume on NFT marketplaces. Source: Dune

Disclaimer

For paid/sponsored articles, CryptoMode neither endorses nor takes responsibility for the accuracy, timeliness, quality, and content of said articles. The statements, views and opinions expressed in paid/sponsored articles are solely those of the content provider and readers are reminded that Cryptocurrency products are unregulated in most locations and can be highly risky. Do your own research and consult relevant financial experts before making any investment decisions. Cryptomode will not be held accountable, either directly or indirectly, for any harm or loss that may stem from or be linked to the usage or reliance on any information, goods, or services mentioned on this page. If you have any concerns, please email [email protected] or refer to our Terms & Conditions